29.11.2012 - Islamic banking not in conflict with Shariah requirements

The issue of the country’s Islamic banking system being in conflict with Syariah (Islamic law) requirements does not arise as any decision made has been referred to the Bank Negara Malaysia (BNM) Syariah Advisory Council.
Deputy Finance Minister Datuk Dr Awang Adek Hussin said this advisory council had high powers to ensure that the country’s Islamic banking system adhered to Syariah requirements, specifically over issues involving BNM’s financial system. “Members of the advisory council include the Penang mufti, three members of the National Fatwa Council, a former chief justice, local ulama and one from the Indonesian Council of Ulama...............................................Full Article: Source